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💰 Liam Payne’s £24.3m: What Happens When You Die Without a Will? + 🌞15 minute summer money reset 🇺🇸🇬🇧US/UK deal explained

💰 Liam Payne’s £24.3m: What Happens When You Die Without a Will? + 🌞15 minute summer money reset 🇺🇸🇬🇧US/UK deal explained

The 99 -12 May 2025

May 12, 2025

Good morning and welcome back to The 99: the home of financial news and insights made simple. You can count on accessible, trustworthy, and unbiased news insights every Monday.

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Should I leave my partner?

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How to reset your money for summer in 15 minutes

1. See where your money is going – 🕐 3 mins

We’ve all done the “hope for the best, don’t check the balance” thing. Open banking apps are the way forward. They let you see all your financial accounts in one place, safely and in minutes.

Snoop is a GFY favourite and it’s completely free. Click here to connect an account.

2. Make a Rule, Fund the Trip – 🕐 2 mins

Bring lunch 3x a week = £30 saved weekly = a whole weekend away by August
Sell one thing every Sunday = ~£15/week = £180 by midsummer = 2 nights in an Airbnb
One no-spend day per week = ~£10–£20 saved = your flight covered

Pick one small rule and let it quietly pay for your summer holiday.

3. Do that thing – 🕐 10 mins

10 minutes. Could save you £1000s. Been in your notes app since 2023.

Checking your tax code...
Finding that old pension using the government’s Pension Tracing Service...
Claiming expenses for that work trip...
Moving your savings to a higher-interest account.

FYI: If switching to a higher interest account is on your list, Snoop has a 4.25% AER (4.16% gross, variable) savings account.

FSCS protected up to £85K
and you’re done ✅
4.25%

👉 Tap the link here if you want to try Snoop.

Quick news

💸 1. BoE Cuts Rates

The Bank of England trimmed interest rates to 4.25%, marking the fourth cut since August 2024.

But it was far from unanimous: two members of the nine-person Monetary Policy Committee (MPC) voted to go further and slash rates to 4%. Meanwhile, two wanted to hold firm at 4.5%. The decision reflects growing uncertainty over inflation and the impact of global trade chaos.

🛂 2. Starmer's Immigration Overhaul: 'Earn Your Stay'

PM Keir Starmer unveiled sweeping immigration reforms, including extending the residency requirement for settlement from five to ten years, raising English language requirements, and ending international recruitment for social care roles. The government estimates these measures could reduce annual immigration by 100,000.

🎓 3. Graduates Enter Job Market: Degrees, Debt, and Disillusionment

UK graduates are facing a challenging job market, with a decline in graduate vacancies and a shrinking wage premium for degree holders. This trend is particularly affecting early-career women and those in arts and humanities fields.

♿ 4. Disabled Entrepreneurs Face £230bn Barrier

A government-backed review revealed that businesses led by disabled individuals face significant barriers, potentially costing the UK economy up to £230 billion. The report calls for more inclusive policies and better access to finance for disabled entrepreneurs.

Liam Payne’s £24.3m Estate: What Happens When You Die Without a Will? 💰

Liam Payne, former One Direction star, died in October 2024 at age 31 after falling from a hotel balcony in Buenos Aires.

He left behind an estate valued at £24.3 million but had not made a will. This situation has brought attention to the UK's intestacy laws and their implications.

What happens when someone dies without a will in the UK? 🤔

In the UK, dying without a will is called "intestacy". Under intestacy laws, if the deceased is unmarried and has children, the entire estate is inherited by the children. If the children are minors, the estate is held in trust until they reach 18.

As Payne was unmarried and had one child, his 8-year-old son Bear, is the sole heir to his estate. The estate will be held in trust until Bear reaches adulthood.

Who manages the estate until Bear turns 18?

Cheryl Tweedy, Bear's mother and Payne's former partner, along with music industry lawyer Richard Mark Bray, have been appointed as administrators of the estate.

They have limited authority to manage the estate's assets but cannot distribute them until Bear reaches 18.

Does Kate Cassidy, Payne's girlfriend at the time of his death, inherit anything?

No. Under UK intestacy laws, unmarried partners are not entitled to inherit from an estate if there is no will.

However, she may be able to make a claim under the Inheritance (Provision for Family and Dependants) Act 1975 if she can prove financial dependency.

Why is having a will important? 👌

Having a valid will ensures that your assets are distributed according to your wishes, provides clarity for your loved ones, and can help minimise potential legal disputes. Without a will, the estate is distributed according to fixed legal rules, which may not align with the deceased's wishes.

Has your company recently briefed you on the risks of cyber attacks?

NHS Worker Awarded £29,000 After Darth Vader Comparison at Work 💷

An NHS employee has been awarded nearly £29,000 in compensation after an employment tribunal ruled that being likened to Star Wars villain Darth Vader constituted a workplace detriment.

What led to the tribunal case? 👩‍⚖️

In August 2021, Lorna Rooke, a supervisor at NHS Blood and Transplant, was absent during a team-building exercise involving a Star Wars-themed personality quiz. A colleague completed the quiz on her behalf and announced to the team that Rooke's personality matched that of Darth Vader.

Rooke found this comparison "insulting and upsetting", leading her to feel unpopular among colleagues. She resigned the following month, citing the incident as a contributing factor.

What was the tribunal's decision?

The Croydon employment tribunal found that the comparison to Darth Vader amounted to a "detriment" - a legal term indicating harm or negative impact experienced by an individual in the workplace.

While the tribunal did not uphold Rooke's claims of unfair dismissal, disability discrimination, or failure to make reasonable adjustments, it did recognise the Darth Vader incident as a detriment following a protected disclosure.

Consequently, Rooke was awarded £28,989.61 in compensation.

What is an employment tribunal? 🤔

An employment tribunal is a legal body in the UK that resolves disputes between employers and employees regarding employment rights. These tribunals handle cases such as unfair dismissal, discrimination, and wage disputes.

They provide a more informal setting than traditional courts and aim to offer accessible justice for workplace-related issues.

Why was the Darth Vader comparison considered harmful?

The tribunal concluded that aligning Rooke with Darth Vader - a character known as a "legendary villain" - was offensive and could reasonably be perceived as detrimental to her standing among colleagues.

Despite arguments that the character also possesses positive traits, the tribunal emphasised the negative connotations associated with the comparison.

What Does the UK-US Trade Deal Mean for You?

On May 8, 2025, the United Kingdom and the United States announced a significant trade agreement aimed at reducing tariffs and enhancing economic ties between the two nations. Prime Minister Keir Starmer and President Donald Trump hailed the deal as a historic step forward.

Key Features of the Trade Deal 🤝

Automotive Sector:

The U.S. will reduce tariffs on British car exports from 27.5% to 10% for up to 100,000 vehicles annually. Exports beyond this quota will face a 25% tariff.

Steel and Aluminium:

Tariffs on UK steel and aluminium exports to the U.S., previously set at 25%, will be eliminated, providing relief to these industries.

Agricultural Products:

The UK will allow tariff-free imports of 13,000 tonnes of U.S. hormone-free beef and 1.4 billion litres of American ethanol annually.

Pharmaceuticals and Aerospace:

The deal includes preferential treatment for UK pharmaceutical products and removes tariffs on British aerospace components, benefiting companies like Rolls-Royce.

What Does It Mean for You? 🤔

For Consumers:

Potential Price Changes: Reducing tariffs on certain goods may lead to lower prices for some imported products, such as U.S. beef and ethanol-based goods.

However, the overall impact on consumer prices may be limited, as a 10% baseline tariff on many UK exports to the U.S. remains in place.

__________________________________________________________

For the Economy:

Job Protection: The agreement is expected to safeguard jobs in key UK industries by improving access to the U.S. market.

Limited Economic Impact: While the deal offers benefits to specific sectors, analysts suggest that its overall impact on the UK economy may be modest, as many goods remain subject to tariffs.

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